Court File No. CV-20-00640212-00CL ONTARIO SUPERIOR COURT OF JUSTICE (COMMERCIAL LIST) B E T W E E N: BRIDGING FINANCE INC. AS AGENT Applicant - and - AUDIBLE CAPITAL CORP., AVENIR TRADING CORP., 1892244 ALBERTA LTD., AVENIR SPORTS ENTERTAINMENT LTD., AVENIR SPORTS ENTERTAINMENT CORP. and PORTLAND WINTERHAWKS, INC. Respondents APPLICATION UNDER SUBSECTION 243(1) OF THE BANKRUPTCY AND INSOLVENCY ACT, R.S.C. 1985, c.B-3, AS AMENDED, AND SECTION 101 OF THE COURTS OF JUSTICE ACT, R.S.O. 1990, c.C.43, AS AMENDED FACTUM OF THE RECEIVER May 26, 2020 BENNETT JONES LLP 3400 One First Canadian Place P.O. Box 130 Toronto, ON M5X 1A4 Tel: (416) 863-1200 Fax: (416) 863-1716 Sean Zweig (LSO# 57307I) Email:
[email protected] Aiden Nelms (LSO# 74170S) Email:
[email protected] Lawyers for KSV Kofman Inc., solely in its capacity as Court-appointed Receiver and not in its personal capacity FACTUM OF THE RECEIVER PART I: OVERVIEW 1. On May 7, 2020, pursuant to an order of this Court (the "Receivership Order"), KSV Kofman Inc. was appointed receiver (the "Receiver") of Audible Capital Corp. ("Audible"), Avenir Trading Corp., 1892244 Alberta Ltd., Avenir Sports Entertainment Ltd., Avenir Sports Entertainment Corp. and Portland Winter Hawks, Inc. (collectively, the "Companies"). 2. On that same day, the Receiver, as foreign representative of the Companies, applied to the U.S. Bankruptcy Court for the District of Oregon (the "U.S. Court") seeking recognition of these proceedings. The recognition hearing is scheduled to be heard by the U.S. Court on June 9, 2020.